[caption id="attachment_26447" align="alignnone" width="984"] Photo: Manuel Vitali/DC[/caption]
As part of a reflection on the conservation of artistic heritage and the relationship to time, the New National Museum of Monaco welcomes artist Michel Blazy to Villa Sauber.
Born in Monaco, Michel Blazy has earned an international reputation thanks to his installations integrating living materials.
Three living works of the 51-year-old will be exhibited until March 18, 2018 at 17 avenue Princesse Grace.
Co-produced by the NMNM and the Government’s Cultural Affairs Department for the last edition of the Venice Biennale, Blazy’s Shoe Collection is a presentation of worn shoes, which serve to pot plants. A luminous frame encircles the sculpture and an irrigation process allows the plants to grow.
Soft Nature, which was acquired by the NMNM in 2009, consists of vegetables and fruit stuck with flake glue on a tablecloth made of the same material. The work invites the public to follow the slow transformation and disappearance of components, like agar dishes.
The third piece, the NMNM Collection’s Skin Animal, is made from cotton layered with chocolate dessert cream.
Villa Sauber is open daily 10am-6pm. Admission: €6
It’s no secret that the ski industry on Europe has been under threat for some time. The most recent data available, from 2015, showed single-day skier visits down 2.5 percent in France and 5.2 percent in Switzerland, while overnight stays in these two destinations have been on a steady downhill slope since 2004.
Both cost (equipment hire, flight, accommodation and currency fluctuations) and climate change have been blamed for the crisis but developers are trying to find ways to reach new clients and keep them coming back.
Money has been spent on infrastructure and reviving existing resorts, which, according to The Spectator, has “created a more nuanced class of real-estate investment is emerging, capable of generating tidy returns for the careful buyer”.
Enness International, a specialist, high-end lending division of Enness, which caters for clients looking to acquire or refinance overseas property, specifically those located in Monaco, France, The Balearics and Switzerland, has reported an increase in demand for ski chalet finance.
Managing Director Hugh Wade-Jones commented: “With winter firmly upon us, many of our clients are taking to the mountains of Europe to enjoy another season on the slopes. From Courchevel to Klosters, winter resorts remain as popular as ever – but with the best lodges and hotels getting booked up early, we’ve seen an increased demand from clients looking to purchase a place to call their own.”
Mr Wade-Jones, who along with his business partner Islay Robinson opened a Monaco office earlier this year, added, “Typically, our clients want to truly make the properties their own by either refurbishing or securing construction finance in the Alps.”
There are several key considerations for those trying to arrange construction finance in the Alps, Mr Wade-Jones pointed out, starting with ensuring the money you plan to spend is actually adding to the value of the property. “The project cost needs to be in line with the gross development value, or GDV. It’s more challenging to secure a large sum for a purely aesthetic overhaul, for example, if it isn’t going to significantly change the value of the property.”
And while any keen skier knows, location is key, Enness has noted an interesting trend in which valuations have been strong in areas that haven’t been showing a recent history of good snow. “For skiing resorts, this seems worrying. Megève hasn’t seen good snow for several years, but valuations are still coming back as positive. This is a risky game. Spots such as Courchevel 1850 and Meribel are far better bets.”
Timelines should reflect securing the right permits and securing development finance, which in the Alps can be a challenge for clients from a range of nationalities. However, the process of purchasing ski property can move quickly with the right lender, who can, in some cases, arrange finance for 100 percent of both the purchase and construction.
Another potential pitfall, said Mr Wade-Joes, is Assets Under Management (AUM) requirements. “Generally, you’ll need to place at least 25 percent of the global loan amount – the gross loan – as assets under management – for the duration of the facility. The entirety of this amount typically needs to be transferred on day one of the loan.”
This is an expectation Enness feels is important to manage. “Clients from the UK and America are often less accustomed to placing AUM, so this can be a sticking point,” explained Mr Wade-Jones. “However, while we have managed to negotiate lower rates of AUM for clients in the past, this will be a requirement from European lenders most of the time.”
Article first published November 16, 2017.
[caption id="attachment_26367" align="alignnone" width="640"] Outward Bound Monaco Awards Ceremony with Prince Albert and OBM students. Photo: Ed Wright Images[/caption]
On Monday, December 11, 30 students from the Côte d’Azur who participated this summer in Outward Bound programmes braved the dreadful weather conditions to reunite for the prestigious Outward Bound Monaco annual awards ceremony in the Monaco Yacht Club.
Surrounded by friends, patrons and members of Outward Bound Monaco (OBM) and their parents, the proud students received their diplomas from the Patron of Outward Bound Monaco, HSH Prince Albert, who praised their courage and resourcefulness in the face of the challenges that an Outward Bound programme offers.
Prince Albert with the OBM Patrons who kindly sponsor Outward Bound Monaco (L-R): Michael Peagram (President, OBM), Sergio Buttazzi (EFG Bank), Kory Tarpenning (Nike), HSH Prince Albert II, David Burns (Zindagi Advisory), Jean-Francois Noaro (Noaro Freres), Rommy Gianni (Monte Carlo Polo team) and Judy Churchill (General Secretary, OBM). Photo: Ed Wright Photography
Michael Peagram, President of OBM commented, “Our Awards evening is always a delight. The obvious enthusiasm and shining faces of the young people who completed the OB courses in the summer confirms again the contribution of the experience to their foundation for future life. We are hugely privileged that our Patron HSH Prince Albert finds the time to meet them and present their certificates. “
The evening was full of pride and excitement for the youths, ages 12 to 17, who gave time, energy and passion this summer in Ullswater (the English Lake District) and Aberdovey (North Wales) to try something that pushed their personal barriers and rewarded them with the sense of achievement at overcoming new challenges, as well as having great fun.
Student Max Botwright, 15, reflecting on his OB experience, said "I have really enjoyed taking part in two Outward Bound courses and was fortunate to have been selected to represent the Association in the recent Princes' Cup rowing race.
“Through activities such as hiking, camping, rafting, rock climbing and rowing, Outward Bound has enabled me to push myself further and to accomplish tasks I didn’t think I could. Many of the activities have required my teamwork with other teenagers, who I had only recently met, and I’ve made many lifelong friends along the way."
For more on Outward Bound Monaco, see their website.